Howard Socol is reportedly intending to resign as ceo of Barneys New York. The New York Times said Socol might announce his resignation as early as this week. People within the organization, speaking to the Times on the condition of anonymity, said Socol had disagreed sharply with the new owners of the chain over its strategy, especially plans to expand the Barneys name overseas.
Barneys was sold to Istithmar, the investment arm of the Dubai government, for $942 million in August 2007 by Jones Apparel Group Inc. (New York).
The Times said Socol had begun to complain to associates about Istithmar’s desire to open more Barneys stores in international markets and how those stores would be operated.
Socol, who had had led the regional, Miami-based Burdines department store chain, joined Barneys in 2001 – two years after the luxury fashion retailer emerged from bankruptcy – at the recommendation of Allen Questrom, whom he succeeded.
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